Qiming Venture Partners Portfolio Companies Participate in 21st Shanghai International Auto Show

The 21st Shanghai International Automobile Industry Exhibition, themed "Embrace Innovation, Win-Win Future" (hereinafter referred to as "2025 Shanghai Auto Show"), was held from April 23 to May 2, 2025. Committed to the mission of "promoting technological innovation, driving industry collaboration, and deepening market expansion," the show focused on technological breakthroughs, emerging trends, and market value, attracting 1.01 million domestic and international visitors. From "internationalization" to "tech-forward," from "industry supporting player" to "global protagonist," and from "world's factory" to "innovation source" — the 2025 Shanghai Auto Show once again marked a milestone in the globalization of China's auto industry, with China's continuously charged innovative vitality opening up fresh growth space for the global automotive sector.

Qiming Venture Partners has invested in multiple high-quality technology companies across the smart vehicle industry chain. During the 2025 Shanghai Auto Show, several portfolio companies showcased their technological strength through new product launches, solutions, and strategic partnerships. These included Axera, which is dedicated to building world-leading AI perception and edge computing chips; Zhipu AI, a company with proprietary innovative algorithms and a leading Chinese cognitive large language model; Polestones, aiming to become the preferred new energy vehicle brand for global outdoor enthusiasts; Hesai Technology (NASDAQ: HSAI), a global leader in LiDAR R&D and manufacturing; AIBANG, a Chinese OTA (Over-the-Air) innovation enterprise providing "intelligent" automotive software technology products and services; and NaSen Technology, a high-tech company focused on core R&D of automotive wire-controlled chassis technology.

01/ Axera Unveils Next-Generation Automotive Chip M57 Series

And Reaches Cooperation Agreements with Three Industry Partners

Recently, Axera made its appearance at the 2025 Shanghai Auto Show with the theme "Extraordinary Chips, Intelligence Goes Global," unveiling its globalization strategy and next-generation automotive chip product, the M57 series, alongside reaching in-depth cooperation with industry partners.

The Axera M57 series delivers comprehensive performance upgrades over its predecessor: the self-developed Axera Tongyuan NPU achieves 10 TOPS computing power with native mixed-precision support and BEV algorithm compatibility; the self-developed Axera Zhimou AI-ISP, optimized for automotive scenarios, delivers high-definition image quality under extreme lighting conditions, with low-latency characteristics providing reliable input for subsequent planning and control systems. Additionally, the M57 integrates an MCU and built-in safety island, achieving ASIL-B and ASIL-D functional safety at the chip level to meet stringent domestic and international regulatory requirements. The M57 also excels in power consumption design, staying under 3.5W at 125°C junction temperature — accommodating both EV and ICE vehicle needs and truly enabling "equal intelligence for fuel and electric." Leveraging its extensive mass production experience, the M57 is application-ready upon launch and compatible with various mature ADAS solutions.

At the launch event, Axera announced the full activation of its diversified "localization, globalization, scaling, and premiumization" strategy. Axera's automotive products now cover a complete matrix from entry-level to high-end segments. To date, the company has served numerous automakers with cumulative shipments exceeding several hundred thousand units.

Furthermore, Axera deepened its strategic partnership with MAXIEYE, with both parties forming stronger strategic synergy in technology and product development as well as market expansion to jointly explore the global ADAS market; Axera reached strategic cooperation with STRADVISION, with both sides leveraging their respective core technical strengths to jointly develop advanced driver-assistance solutions for the global automotive market; and Axera reached cooperation with Aptiv on advanced driver-assistance products, building on existing mass production collaborations to develop next-generation forward-facing intelligent camera products and supporting ADAS system solutions based on the M57 — a solution that has already secured a mass production nomination from a leading Chinese new force OEM for its Europe-bound model.

02/ Zhipu AI Deeply Empowers Full-Scenario Automotive Applications

And Reaches Strategic Cooperation

During the 2025 Shanghai Auto Show, Zhipu AI's large language model deeply empowered full-scenario automotive applications spanning intelligent cockpits, production R&D, sales assistants, marketing and customer service, and after-sales maintenance. Its edge-cloud integrated large model intelligent cockpit redefined the cockpit with AI; Zhipu AI achieved multimodal perception with real-time video call interaction integration, creating a smarter third living space; its Agentic GLM opened a new paradigm for AI Native intelligent cockpits; and Zhipu AI's foundation and reasoning models empowered the full automotive sales and after-sales workflow.

Additionally, mobility technology leader Desay SV and Zhipu AI formally announced a strategic partnership to jointly create the next-generation "soulful, evolvable" AI Native intelligent cockpit solution. This solution will leverage Desay SV's integration capabilities in hardware architecture, system middleware, model development, and upper-layer applications, incorporating Zhipu AI's GLM series large models to achieve a technological leap toward seamless "human-vehicle-environment" interaction.

This cooperation marks the first automotive deployment of the Realtime model (real-time voice interaction). Based on Desay SV's self-developed cockpit domain controller platform and multimodal sensor fusion technology, integrated with Zhipu AI's GLM low-latency real-time interaction model, it achieves for the first time in AI Native the three-dimensional real-time parsing of environmental perception, user status, and vehicle data — establishing a millisecond-response intelligent interaction hub in the cockpit domain that transforms multi-channel heterogeneous signals including voice commands, gesture interaction, and physiological state recognition into precise scenario-based services.

03/

Polestones Showcases Comprehensive Global Strategy Layout

And Product Innovation Achievements

Polestones appeared at the 2025 Shanghai Auto Show with the theme "See the World, Go Polestones," comprehensively presenting its brand globalization strategy layout and product innovation achievements. The Polestones booth took "Departure, to the Outdoors" as its creative origin, vividly showcasing outdoor lifestyle scenarios from city to lake, forest, mountain, and peak — committed to creating refined and diverse outdoor mobility experiences for global users, taking a solid step toward its brand vision of becoming "the preferred new energy vehicle brand for global outdoor enthusiasts" by 2030.

In terms of product planning, Polestones plans to launch at least one new model annually over the next three years, covering diverse outdoor mobility scenarios and accelerating the construction of a "full-terrain product ecosystem." Polestones will also establish parts warehouses in overseas hotspots such as the Middle East and Central Asia, ensuring critical parts delivery to service outlets within five days; simultaneously, it will build over 60 new ROX after-sales service centers globally, comprehensively elevating Polestones' service standards.

04/

Multiple Flagship Models Equipped with Hesai Technology LiDAR Make Grand Appearance

At the 2025 Shanghai Auto Show, Qiming Venture Partners portfolio company Polestones' ROX 01, as well as the AUDI E5 Sportback, Wey brand's new "Twin Mountains," Changan Automobile's Nevo E07 and Nevo Q07, ZEEKR's 007GT full series, Cadillac VISTIQ, and Li Auto's MEGA and L series all appeared equipped with Hesai Technology's ultra-high-definition long-range LiDAR. Among these, the ROX 01 was equipped with one forward-facing long-range LiDAR Hesai AT128, with pure solid-state side-facing LiDAR Hesai FT120 installed on both sides of the front fenders, providing 280° horizontal high-definition 3D perception.

Beyond providing core technology support for intelligent driving in passenger vehicles, Hesai Technology's LiDAR application value is rapidly extending to broader autonomous driving scenarios. The L4 highly autonomous Robotaxi model jointly developed by DiDi and GAC was displayed at the GAC booth, equipped with four Hesai AT128 LiDAR units as long-range perception main sensors, with planned mass production delivery by end of 2025; Haomo.AI's full-stack self-developed L4 end-logistics autonomous delivery vehicle Xiaomotuo appeared at the show equipped with three high-precision 360° mid-range LiDAR Hesai XT series units; and KargoBot's first future transport robot is equipped with the world's highest line count automotive-grade mass production LiDAR Hesai AT1440, which with 360° full-scenario coverage and zero blind spot advantage will become the core perception hardware for KargoBot's fully unmanned freight operations.

05/

AIBANG's Four Core Product Matrices Appear at 2025 Shanghai Auto Show

AIBANG brought its four core product matrices to the 2025 Shanghai Auto Show: the AI-XOTA solution, Intelligent Diagnosis Operations (IDP) service, Vehicle Software Lifecycle Management (VSP), and AI-LINK intelligent interaction platform. Through deep integration of artificial intelligence, big data, and automotive-grade engineering capabilities, AIBANG provides automakers with actionable transformation pathways, comprehensively demonstrating its systematic capabilities in the software-defined vehicle domain.

The AIBANG AI-XOTA solution adopts a modular architecture design, fully compatible with distributed, hybrid, and centralized vehicle architectures. Through seamless coordination between cloud-side collaboration and edge-side execution, it provides flexible, safe, and reliable upgrade capabilities for intelligent driving domains, intelligent cockpit domains, and three-electric systems, delivering precise targeted capabilities. AIBANG's self-developed fourth-generation differential algorithm stands out as a technical highlight, achieving comprehensive speed and efficiency improvements for intelligent components, non-intelligent components, Android intelligent components, and large model applications.

The Intelligent Diagnosis Operations (IDP) service made its first appearance with a new concept demonstrating data-driven "predict-diagnose-repair" vehicle health management closed-loop capabilities. Core capabilities encompass intelligent diagnosis, remote diagnosis, and intelligent data collection.

Vehicle Software Lifecycle Management (VSP) takes the ADME foundation as its core, connecting the full lifecycle of software R&D, production, and operations. On the R&D side, the platform links requirements management, version baselines (GitLab synchronization), and automated testing, significantly improving requirements change response speed, and avoiding version conflicts through software BOM and EBOM alignment. On the production side, VSP's flexible flashing strategy supports multi-model co-line production, with suppliers able to directly provide blank components for ECUs with frequent software iterations, compressing software version change cycles from 30 days to just a few days. On the operations side, AIBANG's software operations platform, through closed-loop operation or integration with OEMs' existing systems, comprehensively satisfies various business scenarios for vehicle software operations.

The AI-LINK intelligent interaction platform takes "scenario-driven" as its core, redefining human-vehicle interaction through technological breakthroughs. The system integrates voice commands, gesture recognition, and biosensing data (such as driver fatigue monitoring), supporting frictionless control.

06/

NaSen Technology Exhibits Innovative Products and Solutions

NaSen Technology made its first appearance at the Shanghai Auto Show this year, exhibiting innovative products spanning five domains: wire-controlled braking, wire-controlled steering, electronic suspension, chassis domain XYZ fusion, and chassis 48V solutions, attracting significant attention from domestic and international automotive professionals.

NaSen Technology showcased its already mass-produced Two-box (NBooster+ESC) solution and integrated intelligent braking system NBC, as well as wire-controlled braking solutions meeting L3 and L4 high-level autonomous driving requirements, including NBooster 4.0+ESC, NBC+RBC, and electromechanical brake system EMB and other technical solutions.

NaSen Technology also formally unveiled its product roadmap for the next five years, which will successively include C-EPS column-type electric power steering system, rear-wheel steering system, wire-controlled steering system, CDC continuously variable damping shock absorber, and XYZ-fused chassis domain controller.

During the auto show, NaSen Technology joined hands with Infineon Technologies to officially release the "48V Full-Stack Wire-Controlled Chassis Integrated Solution." Through deep cooperation with global leading automotive semiconductor manufacturer Infineon Technologies, NaSen Technology comprehensively launched the integrated intelligent braking system Onebox-48V solution, electromechanical brake system EMB-48V solution, and wire-controlled steering system 48V solution — currently the industry's only component supplier providing 48V full-stack chassis solutions.

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Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors.

To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing Limited, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means, with over 80 companies recognized as unicorns or super-unicorns in their respective industries.

Many companies in Qiming Venture Partners' portfolio have grown to become the most influential players in their fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ: WRD), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Berry Genomics (000710.SZ), Sinocelltech (688520.SH), Yuanxin Technology, ClinChoice, Belief BioMed, Biren Technology, and others.